Azerbaijan, Baku, Sept. 27 / Trend H.Valiyev /
The draft regulation of the Azerbaijani State Fund for Development of Information and Communication Technologies and proposals on stimulating the activity in the IT field, will be agreed by late 2012, a source close to the project told Trend on Wednesday.
Currently documents being prepared by the Azerbaijani Ministry of Communications and Information Technologies are being considered by the ministry and departments.
The proposals include the reduction of customs duties on accessories for high-tech products imported into the country, the optimisation of tax legislation in this area and the availability of concessional resources.
Azerbaijan is implementing a project of establishing a fund to support ICT which will help issue loans and grants to companies. Establishment of a fund will allow domestic companies to get both monetary and fiscal benefits.
In international practice, the participation of small innovative companies in the Fund's programmes allow them to bring the development of scientific ideas into the creation of a sustainable business that is attractive to investors.
The fund will be financed from the state budget and all sectors of the population will benefit from these advantages. It will also provide direct financial support to promising start-ups in science and technology.
Its primary aim is to conduct public policy development and support of small enterprises in the scientific and technical fields providing them with direct financial assistance and training which in turn, facilitates the creation of new jobs.
A decree establishing funds on the balance sheet of the Ministry of Communications and Information Technologies of the State Fund for Development of Information Technology was signed by Azerbaijani President Ilham Aliyev on March 15.